Answer to Question #81310 in Microeconomics for Elizabeth

Question #81310
it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”
1
Expert's answer
2018-09-26T09:51:08-0400
This statement is true, because according to the concept of scarcity people's wants are unlimited even if resources are limited.
Scarcity refers to a gap between limited resources and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice — giving something up, or making a tradeoff — in order to obtain more of the scarce resource that is wanted.
Source:
https://en.m.wikipedia.org/wiki/Scarcity

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